Millennium Pharmaceuticals, along with the other major
firms in the industry have agreed to drop the lawsuit against South
Africa. and have changed our pricing policy for HIV/AIDS
medications in the developing world. We will not profit from the sale of our
medicines in developing countries. This decision did not come easily, as the
price of our medicines will not decrease in developed nations.
My fiduciary
responsibility as a member of the Board
is to the shareholders. Maintaining shareholder value and furthering
investment in our firm will allow us to respond to the health needs of society
through research and development of medications for the future. If
profitability falls, investment in future life-saving medicines may decrease.
Our responsibility is to do what we do best - continue to provide cutting edge
research to enhance global health.
Personally, I don’t believe that any one firm,
industry, government, or global organization can resolve the problems
associated with the HIV/AIDS pandemic in Africa. Pharmaceutical firms
have an obligation to all it’s stakeholders, but, it’s primary
responsibility is to it’s stockholders.
The Pharmaceutical industry has collectively
donated billions of dollars in aid to Africa for HIV/AIDS. Limits need to be
established on how much one industry can provide either free or at a
substantial discount. Would any other industry give away 50% of their total
output to developing countries in need?
African for-profit mining corporations want to treat
their miners with HIV/AIDS to enable a healthy
workforce,,
yet, they are not willing to pay for treatment. They want the medicines
donated to their employees.
